Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

South Africa's PSG Group to offload 28.11% stake in Capitec to shareholders

05/28/2020 | 03:52am EST
Spread of the coronavirus disease (COVID-19) in South Africa

Investment holding company PSG Group Ltd said on Wednesday it would offload 28.11% of its stake in Capitec Bank to its shareholders.

In April the South African firm, the largest shareholder in Capitec Bank with a 30.7% stake, said new laws could lead its holding to be defined as a conglomerate and this would substantially increase the administrative burden on the company.

The unbundling will also assist in reducing "the discount at which PSG Group shares trade to the company's sum-of-the-parts ("SOTP") value and to unlock value for PSG Group," it said in a statement.

It said the unbundling would be implemented based on the distribution ratio of 14 Capitec shares for every 100 PSG Group shares held in the Group by shareholders.

It will distribute 32.5 million Capitec shares at an attributable value of 125.48 rand per share. After the unbundling it will retain a 4.3% shareholding in Capitec, the statement added.

(Reporting by Nqobile Dludla; Editing by Mark Heinrich)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AT HOME GROUP INC. 0.73% 24.93 Delayed Quote.61.25%
CAPITEC BANK HOLDINGS LIMITED -2.36% 1347.08 End-of-day quote.-5.97%
PSG GROUP LIMITED -0.29% 62.92 End-of-day quote.5.08%
THE LEAD CO., INC. -1.44% 820 End-of-day quote.-2.38%
Latest news "Economy & Forex"
07:28aCanada's Trans Mountain pipeline sees fortunes shine after KXL's demise
RE
06:27aKuwait's emir reappoints PM to form new cabinet after parliament standoff
RE
06:18aUAE cabinet approves debt strategy to build local currency bond market
RE
06:06aCENTRAL BANK OF UNITED ARAB EMIRATES : CBUAE conducts cyberattack simulation on banking sector to boost the sector resilience
PU
05:45aBiden Team Promises New Look in Trade Policy
DJ
05:42aVolkswagen looks to claim damages from suppliers over chip shortages -magazine
RE
05:30aGermany urges Taiwan to help ease auto chip shortage
RE
05:28aKuwait emir reappoints prime minister to form new cabinet, KUNA reports
RE
05:08aCENTRAL BANK OF OMAN : CBO presents the Uncut Sheets of the 6th Series...
PU
03:59aMEDIA-BlackRock among 29 fund managers fail 'fee disclosure' test - FT
RE
Latest news "Economy & Forex"